Accounting Firm in Texas

What Is Corporate Social Responsibility (CSR)? Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental. (Image source from: https://lawcirca.com/wp-content/uploads/2019/12/CSR.jpg) To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them. Corporate social responsibility is a broad concept that can take many forms depending on the company and industry. Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands. 1. What is corporate social responsibility (CSR):  The term c...

This accounting dictionary includes dozens of important basic accounting terms. Business owners and accounting students can find detailed explanations of accounting terminology, accounting acronyms, and accounting vocabulary words. This guide includes definitions, alternative word uses, explanations of related terms, and the importance of particular words or concepts to the accounting profession as a whole. (Image source from:  https://previews.123rf.com/images/stuartphoto/stuartphoto1506/stuartphoto150600136/41601408-accounting-words-wordcloud.jpg ) We also explain relevant etymologies or histories of some words and include resources further exploring accounting terminology. Account Payable:  Accounts payable refers to the money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit. A short-term debt that must be paid back quickly to avoid default, accounts payable shows up as a liability on an organization’s balance sheet. An example ...

As a business owner, you have many accounting responsibilities, like tracking your business transactions, income, and expenses. And on top of juggling these tasks, you must also understand which basic accounting forms are relevant to your business. (Image source form:  https://kb.helpline.w3.uvm.edu/wp-content/uploads/2020/03/MS_Forms.png ) Business accounting forms can be broken down into various categories.  Some categories include reporting income and expenses, filing estimated taxes, claiming deductions, and reporting 1099 payments. Explore the different sections below and learn more about the different types of accounting forms. Below are Some Basic Accounting  forms 1. Reporting Income, Expenses & Income Taxes:  When you doing business, you need to file certain forms to report things like income taxes and how much your company earns and spends. Some forms you file vary depending on your type of business structure. Here are five forms for filing federal inco...

 There are no shortage of details to consider when you’re a business owner. Getting the back-office basics of your business accounting practices in order early on—tracking revenues, expenses, and profits—will keep you out of the weeds of paperwork and cash flow snafus, and let you focus on the important work of growing your business. You might be able to get away with keeping your own books in the beginning. But, as your company grows and tax time approaches, you might feel a little big lost. Fees for incorrect tax filing or messy bookkeeping can be high, not to mention the time you spend in correcting errors. Here are the top business accounting tips and tricks: 1. Separate Business and Personal Expenses:   Having a dedicated business bank account for checking and savings saves you precious man-hours when it’s time to tally up deductible business expenses. Out of the gate, get used to using different bank accounts for business and personal purchases. If you’re contr...

Data breaches, identity theft, and online scams, oh my! Year after year, a destructive flood of fraud sweeps the nation, leaving countless victims in its wake. Unfortunately, new and improved technology only gives fraudsters an edge, making it easier than ever for scam artists to nab financial data from unsuspecting consumers. ( Image source form :  https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSG9uhbl-yWb21wlMFtOsDB4BHn5A04uPoiuQ&usqp=CAU ) In fact, swindlers and hackers pinched US$16 billion from 15.4 million U.S. consumers in 2016, according to Javelin Strategy & Research’s 2017 Identity Fraud Study. To make matters worse, the Identity Theft Resource Center reports there were 1,473 recorded data breaches in 2019.2 But even in these uncertain times, there are things consumers can do to protect themselves from greedy, increasingly crafty fraudsters.  Below are the some tips to avoid the Financial fraud. 1. Never Wire Transfer Money to a Stranger:  A...

 What is an LLC ? An LLC, or limited liability company, has become one of the top business entities for small and new companies. LLCs are more flexible than corporations, and it's easier to form an LLC. An LLC combines the limited liability benefits of corporations with pass-through taxation benefits that are exclusive to sole proprietorships and partnerships. As a result, forming an LLC creates a situation where business owners can take advantage of the best of both business formations. (Image source form:  https://www.communitytax.com/wp-content/uploads/2019/06/LLC-4.png ) When you form an LLC, the business becomes a separate legal entity that exists apart from its owners. The only exception is in taxation since the taxes of an LLC are linked to the personal taxes of its owners. An LLC owner is called a member. LLCs can have one member or more than one member, depending on the needs of the business. For those people who thinking to starting an LLC, here are some of the main ...

What is petty cash ? A petty cash fund is a small amount of cash kept on hand, in a locked drawer or box, to pay for minor expenses, such as office supplies or reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements. In larger corporations, each department might have its own petty cash fund. (Images sources from : https://workful.com/blog/wp-content/uploads/2018/04/what-is-petty-cash.png) Use of Petty Cash Petty cash transactions provide convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund. Examples of transactions that a petty cash fund is used for include: Office supplies. Cards for customers. Flowers. Paying for a catered lunch for a small group of employees. Reimbursing an employee for small work-rel...

What would we do without accounting professionals? The first thing that comes to mind is, well, a lot of floundering. For business owners, accountants help set up financial systems, analyze data, and make smarter business decisions. They have the power to forecast business success, diagnose financial health issues, and increase revenue. (Images source form https://cdn2.hubspot.net/hubfs/397920/qualities%20of%20an%20accountant.jpg ) But accountants aren’t just for business owners. Accountants offer smart financial advice when it comes to personal finances as well. They carry with them a deep understanding of retirement plans, savings goals, and smart investment options. Accountants can even help negotiate salary and other money discussions. Here are five reasons we absolutely Obsessed  with  accountants. 1. Accountants put their clients first:   Accountants put their clients’ success above their own, an d this has been specially evident during COVID-19. All round the world...

Unemployment insurance (UI), also called unemployment benefits, is a type of state-provided insurance that pays money to individuals on a weekly basis when they lose their job and meet certain eligibility requirements. Those who either quit their jobs or were fired for a just cause are not eligible for UI. In other words, someone separated from their job due to a lack of available work and at no fault of their own usually qualifies for unemployment benefits (UI). Each state administers its own unemployment insurance program, despite it being federal law. Workers must meet their state's work and wage requirements, including time worked. The benefits are primarily paid out by state governments and funded by specific payroll taxes collected for that purpose. Meaning of Unemployment Insurance:   The unemployment initiative is a joint program between individual state governments and the federal government. Unemployment insurance provides cash stipends to unemployed workers who acti...

Scaling your business is hard. It takes considerable effort. In the beginning, it means wearing different hats. It means dealing with sales and marketing. It means understanding taxes and corporate compliance. It involves having to interact with customers on a daily basis. And so much more. At the end of the day, it takes its toll on you. ( Images sources from :  https://cfgmerchantsolutions.com/wp-content/uploads/2019/05/grow-your-business.png ) The truth? If you buckle down, clear your mind, and just look at things in perspective, you can easily identify ways you can grow your business and make more money quickly. While hundreds of business growth strategies likely exists, the following 15 will take your business to the next level quickly and efficiently. Here are some practical tips to help you grow your customer base. 1. Get to know your customers:   Understand your customer's needs and develop products and services that meet those needs. You can gain insight int...

What is a sales tax ?   A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale, collected by the retailer, and passed on to the government. A business is liable for sales taxes in a given jurisdiction if it has a nexus there, which can be a brick-and-mortar location, an employee, an affiliate, or some other presence, depending on the laws in that jurisdiction. Understanding Sales Tax Conventional or retail sales taxes are only charged to the top user of an honest or service. Because the bulk of products in modern economies undergo variety of stages of producing , often handled by different entities, a big amount of documentation is important to prove who is ultimately responsible for nuisance tax . for instance , say a sheep farmer sells wool to a corporation that manufactures yarn. To avoid paying the nuisance tax , the yarn maker must obtain a resale certificate from the govt. saying th...